She says it depends on what a student's goal is as to how much money they are given.

"So it could be a student who needs some help with TAFE fees to study locally, while another student could need to move to Sydney in order to study at Sydney University or NSW University, so those students will have quite differing costs. Also their family situations might also be different," she said.

Ms Jansson says students will be able to apply for the grants in about three months.

She says the local community has been enthusiastic about the project.

"We didn't choose Dubbo, Dubbo chose us," she said.

"It's been a conversation I've had with many people from the greater Dubbo community over the past two years.

"Many people have approached us saying we really need this in order to assist our local youth.